College Admission and Transfer -international student

<p>Hey guys, I'm faced with a problem here and would really appreciate any advice or suggestions you can give me.
I'll give a brief description of my situation and get to my question.
Thing is, I'm an international student- a foreign resident- and I got accepted to two colleges (Sarah Lawrence and DePauw University) and am wait listed by two others- Bryn Mawr and Mount Holyoke. The thing is that I really want to attend Bryn Mawr, but just in case I don't make it out of the wait list and into the college, I don't want to let go of Sarah Lawrence. This is important because it's crucial for me to go off abroad and start college immediately instead of taking a gap year (because of petty family problems and the likes). Besides, with the financial aid and scholarship Sarah Lawrence has offered me, I would need to pay around $20,000 yearly, which is a little too much for my family. So, I would need to take a loan for SLC (I'm thinking of applying to Sallie Mae for the loan). Bryn Mawr, on the other hand, if they take me, they'll give me full-need aid. Now the problem is that both BMC and MHC will get to know if there are any spaces available only at the end of June or even later, while SLC is asking me to send in the necessary paperwork to complete processing my admission by 1st June.
Now, my question is, once I submit my I-20 form and get a student visa for Sarah Lawrence, can I later cancel it off and transfer to BMC or MHC?
If anyone has a well informed answer, do let me know. Please reply soon, I'm sort of running out of time. Thanks!
Here's my email address just in case- <a href="mailto:niyonta.nch@gmail.com">niyonta.nch@gmail.com</a></p>

<p>
[quote]
Now, my question is, once I submit my I-20 form and get a student visa for Sarah Lawrence, can I later cancel it off and transfer to BMC or MHC?

[/quote]

You would ask Sarah Lawrence to transfer your SEVIS record to BMC or MHC, and then BMC or MHC would print an updated I-20 for you. That's it. You would not need to apply for a new visa.</p>

<p>If you get off the waitlist, contact both Sarah Lawrence and the new college and ask them how to proceed.</p>

<p>By the way, you said you would have to get a loan to pay for Sarah Lawrence. Do you have a (credit-worthy) American co-signer? I am asking because your chances of getting a loan without a cosigner are so slim that you would need a very solid backup plan.</p>

<p>I was worrying that modifying an I-20 might not be possible. Apart from the discomfort of possibly telling Sarah Lawrence that I have decided to go to another college where I had kept myself on the wait list all this time, I feel so relieved now!
And, yes I have a cosigner, but he's a non-citizen permanent resident, not an American citizen. He earns quite a lot and has good transaction records, so I'm hoping that would be enough.
And thank you so much for the info.</p>